According to FutureWise analysis, the market for Materiovigilance is expected to grow with a CAGR of 8.2% over the forecast period 2024-2032, and reach a market value of US$ 146.08 billion by 2031.
Materiovigilance is a term used in the context of medical devices and refers to the surveillance and monitoring of the security and performance of medical devices placed on the market. It is similar in concept to pharmacovigilance, which is the monitoring of the safety of pharmaceutical drugs. The goal of materiovigilance is to ensure the ongoing safety and effectiveness of medical devices throughout their whole lifecycle, from design and production to use by patients. This involves collecting, evaluating, and reporting information about adverse events, malfunctions, or any other issues related to medical devices. Regulatory authorities, like the European Medicines Agency in Europe and the FDA in the United States, play a vital role in overseeing materiovigilance activities. They establish guidelines, review reports, and take regulatory actions if necessary.
To effectively manage and regulate this process, it is crucial to categorize end users into distinct groups. These groups play distinctive roles in the production, testing, and distribution of medical devices. Contract Research Organizations (CROs) are key players in the healthcare industry, providing specialized research services to pharmaceutical, biotechnology, and medical device companies. In materiovigilance, CROs are instrumental in conducting clinical trials and post-market surveillance studies. Business Process Outsourcing (BPO) companies play a vital role in supporting various functions within the healthcare industry. When it comes to materiovigilance, BPOs often handle administrative tasks, data entry, and documentation processes. They serve as a valuable extension of medical device companies, ensuring that all necessary information related to the safety and performance of devices is accurately recorded and maintained. Original Equipment Manufacturers (OEMs) are the cornerstone of medical device production. They design, manufacture, and assemble the devices that ultimately reach healthcare professionals and patients. Materiovigilance is important to OEMs, as they bear the prior responsibility for the quality and safety of their products.
FutureWise Market Research has published a report that provides an insightful analysis materiovigilance market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts materiovigilance market estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.